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USD/CAD Classical Technical Report 10.18

USD/CAD Classical Technical Report 10.18

2011-10-18 08:16:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCAD_body_cad2.png, USD/CAD Classical Technical Report 10.18

USD/CAD: The latest setbacks have finally managed to stall out just ahead of some previous major resistance turned support by parity, and it looks as though the market could finally be ready to put in a fresh higher low ahead of the next major upside extension back towards and eventually above 1.0660. Monday’s strong bullish outside day confirms our constructive outlook and we will look for a daily close back above 1.0235 to confirm bias and accelerate gains. Ultimately, only back below parity gives reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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